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Egyptian Steel to invest EGP 500m in a month

Egyptian Steel to invest EGP 500m in a month
Photo Credit: Arabianeye-Reuters

Egyptian Steel Group shareholders are eager to inject EGP 500 million of fresh investments into the country within a month, said Wael Farouk, the group’s treasurer.

Shareholders recently added EGP 200 million in investments to complete the company's new project in Beni Suef and finance expansions of its Alexandria factory, said Farouk.

Accordingly, the company’s total investments in the Egyptian market will total nearly EGP 7 billion, including four complexes with a total production capacity of 2.2 million tonnes per year, added Farouk.

In February, the company said it was likely to launch two new steel plants by the middle of 2016, boosting its production capacity to 3.5 million tonnes per year.